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very considerable time owing to necessity for marshalling all the facts and arguments but also that even then Law Officers will not be able to advise with certainty on all points and many issues are likely still to require either testing in the courts or clarification by legislation. Procedure of reference of legal issues to Law Officers is, therefore, likely to result in very considerable delay and still not remove state of uncertainty or need for further action. Since, therefore, it is clearly desirable that moratorium should be lifted as soon as possible after the restoration of Civil Government and since this cannot be done until the policy of debtor-creditor relationships has been settled, we have come to the view that we must consider this policy without incurring further delay through attempting to make an exact determination of the existing state of the law on the various complicated set of transactions involved.
Two.
然
There are set out below principles we suggest should be followed in dealing with principal categories of cases. Suggestions should not be regarded as representing final views of H.M.G. but we are already considering form which legislation should take to give effect to these principles, We shall await your
concurrence in them or proposals for modifications before actually despatching draft legislation to you,
Three. We have tried to achieve following objectives:~
(1) that rules should be as few and simple as possible, even if that will involve individual hardship, since avoidance of all loss to any parties concerned is impossible:
(2) that rules should be as far as possible universally applicable, i.e, no special rules for banks or other particular classes of creditors;
(3) that transactions made subject to re-opening or review should be as few as possible;
(4)